Deconstructing a Generation: Millennials

Homeownership Demographic Research

2021

Deconstructing a Generation Millennials

Table of Contents

Introduction and Key Findings 3

Population and Demographics 5

Education Employment and Income 12

Household Formation and Homeownership 20

Path to Homeownership 25

Market Segmentation 31

Mortgage Activity 32

Takeaways and Solutions 37

Methodology 40

3

Millennials the generation born between Gen Xers and Gen Zers began attracting the attention of market researchers at the start of the last decade as they gradually became the largest consumer group with ever-increasing buying power Millennials adapted more quickly to new technology than older adults and were the first to prefer consuming content online They also disrupted consumer behavior patterns by forming their own brand of life-stage priorities

This generation will continue to shape our economy for decades to come They now make up the largest share of new homebuying population and as such a critical borrower segment whose demands the housing industry must understand

This research which serves as a playbook for the housing industry and beyond captures

the demographic social and economic characteristics of millennials versus those of prior generations

It also focuses on generational characteristics and how companies can build strategies that tap into these insights

This playbook leverages an array of sources including data derived from the Annual Social and Economic Supplement (ASEC) 2019 Home Mortgage Disclosure Act (HMDA) reporting Freddie Mac loan-level acquisition data the Current Population Survey (CPS) and the American Community Survey (ACS)

Please note this playbook was created prior to the COVID-19 pandemic and therefore does not reflect its impact For this reason we will update this playbook as necessary to integrate the latest data and incorporate the effects of the pandemic on millennials and the housing market

Introduction

Silent1928-1945

Baby Boomer1946-1964

Gen X1965-1980

Millennial1981-1996

Gen Z1997-2012

Ages 74-91

Ages 55-73

Ages 39-54

Ages 23-38

Ages 7-22

SilentBaby BoomerGen XMillennialGen Z

664M

712M

644M

71M

236M

51

49

50

50

49

51

48

52 43

57

Darker bar color = FemaleLighter bar color = Male

Ages as of 2019 Source Pew Research

4

Millennialsrsquo homeownership rates have accelerated over the past five years but still lag behind those of older generations

A significant share of millennials have yet to mature into homeownership as many of them either havenrsquot reached the life stages that typically prompt a desire to own a home find it unaffordable or are unaware of options that could help them reach the ldquoAmerican Dreamrdquo

Given the higher millennial minority share this generation is at risk of never reaching the same homeownership levels as older generations because of the historical divergence in homeownership rates between different racesethnicities

While millennials are the most educated adult generation they are less financially literate than older generations As millennials are often called digital natives they leverage fintech tools more than older working-age adults Studies find that fintech tool usage is not a substitute for financial education and is often tied to poor money management This in part explains the lower levels of millennial financial literacy

While student debt is still a deterrent for many millennials looking to become homeowners the economic benefit of attaining a degree outweighs the cost of student debt

Millennial homebuyers represented nearly half of the Freddie Mac purchase loans in 2019

Millennials are more likely to live in urban centers than older generations with the highest millennial homebuying activity observed in Houston Chicago and Atlanta

Key FindingsMillennialsmdashborn between 1981 and 1996mdashare arguably the most influential generation the nation has seen since the baby boomers Their sheer size casts a shadow over their predecessors Gen X and they have overtaken the baby boomers to become the largest population cohort in 2019 Millennials have upended consumer expectations shifted the timing of various life stages represent the most racially and ethnically diverse adult age group and earn more than prior generations

All these factors prompted Freddie Mac to perform in-depth research in order to deconstruct this demographic segment Our research confirms that millennials are a major force in the homebuying and mortgage business for years to come This has led us to these key observations that will likely impact and shape US homeownership

5

Nearly 22 of Americans fall into the millennial generation based on Freddie Macrsquos analysis of the 2019 US Census Current Population Survey data

At 712 million millennials surpassed baby boomers as the largest adult demographic in 2019 with many of them entering their peak homebuying years

Population and DemographicsMillennial Population Overview

2019 US Population Generation Distribution

Source 2019 US Census-Current Population Survey (CPS) 2019 US total population stood at 329 million not all generation groups are represented in this chart

22 of Americans are millennials

In 2019 millennials accounted for 712 million Americans

Millennials passed baby boomers as the largest adult demographic

Key Population Statistics


664M

712M

644M

71M

236M

51

49

50

50

49

51

48

52 43

57


6

While millennials comprise 22 of the overall US population certain regions exhibit higher shares of millennials by state

A variety of reasons might explain this trend including job opportunities and lifestyle choices Millennials might be drawn to the less populated Rocky Mountain states in search of more affordable housing Utah Nevada Wyoming and Idaho stand out as such examples as does Texas which has attracted a larger tech company presence in the last couple of years

The top states with the highest share of millennials include the District of Columbia and Utah followed by North Dakota Massachusetts Virginia and California With 36 share of millennial residents Washington DC holds the top spot for attracting educated young adults with a wide array of employment opportunities including government technology and biotech sectors

Source 2019 US Census-Current Population Survey (CPS)

Washington DC holds the top spot for attracting educated young adults with a wide array of employment opportunities

Percentage of Millennials by State

AZ21

UT25

NV22

CA24

NM22

OR22

WA23

WY22

ID22

MT22

ND24

SD21

NE22

CO21 KS

21

OK21

TX23

MN22

IA21

MO21

AR21

LA22

WI22

MI21

IL20

IN22

KY21

TN21

MS21

AL21

GA23

FL20

SC21

NC23

VA24

OH21

WV20

RI 23

DE 20

NJ 19

DC 36

PA20

NY23

ME16

NH19

VT21

MA 24

CT 21

MD 23


Share of millennials by state is calculated leveraging sum

of millennial population count in a given state over total

state population count

7

Across all states and regions about 90 of millennials today live in metropolitan areas surpassing Gen Xers (84) and baby boomers (68) when they were at the age of millennials (23-38) Additionally more than four in ten millennials live in high-cost city centers

In 2019 the largest concentrated populations of millennials were observed in New York Los Angeles Houston Dallas and Chicago driven by the range and abundance of high-paying jobs and the ldquobig cityrdquo lifestyle younger adults want

Millennial Population

90 of millennials live in metropolitan areas

More than four in ten millennials live in high-cost city centers

Source 2019 US Census-Current Population Survey (CPS) Pew Research

609915200000030000004000000ge 5000000

of Millennials

Miami FL

Tampa FL

Atlanta GA

Washington DC

Philadelphia PANew York NY

Boston MA

Detroit MI

Chicago IL

St Louis MO

Dallas TX

Houston TX

Denver CO

Phoenix AZ

Seattle WA

San Francisco CA

Riverside CALos Angeles CA

San Diego CA

Minneapolis MN

Top 20 Cities with Highest Millennial Population Count

8

Millennials make up the most racially and ethnically diverse adult generation in US history comprising 45 of minorities in 2019 The share of Hispanic millennials (21) is almost double the share of Hispanic baby boomers (11) Millennials also hold the highest share of the Asian population at 8 There is a view that diversity is the most defining characteristic of this generation and that it could impact housing trends

The share of Hispanic millennials is almost double the share of Hispanic baby boomers


Millennial Race and Ethnicity

Baby BoomerGen XMillennialGen Z

75

25

79

21

81

19

89

11

Hispanic Not Hispanic

Ethnicity

According to a Pew Research analysis of ACS Census data both Hispanic (27) and Asian (29) populations are nearly twice as likely to live in multi-generational households than whites (16) If this trend holds and with the increased formation of new millennial households in the next decade the share of multi-generational households nationwide would continue to increase


74

15

75

15

78

13

82

11

Race

Two Plus Asian Black White

65

8 7 5


9

DEMOGRAPHICS HOUSEHOLD BREAKOUT AND AGE DISTRIBUTION

A substantial share of the generation is yet to edge into the life stages that drive homeownership

According to the 2019 population survey 564 of millennials are single of which nearly 80 have no children This indicates that a substantial share of the generation is yet to edge into the life stages that drive homeownership such as marriage and having children

The large share of single millennials can in part be explained by the fact that there are more younger millennials ages 23 to 30 than there are older millennials ages 31 to 38 Younger millennials on average are more likely to be single

The breakout of millennials by age group shows that 62 of millennials in their mid-to-late 30s are married If the trend persists the next decade will see a significant increase in the share of married millennials


12

13

30

45

Millennial Household Breakout

SingleDivorced No Children

Married No Children

SingleDivorced with Children

Married with Children

35-3831-3427-3023-26

80

20

62

38

45

55

38

62

Millennial Age Distribution

178M186M

175M 173M

Married Single


10

DEMOGRAPHICS MARITAL STATUS

Forty-four percent of millennials gave their status as ldquomarriedrdquo in 2019 In order to understand whether millennials are making life stage decisions ndash such as getting married ndash differently than prior generations we compared each generationrsquos marriage rate at the same age range of 23 through 38 At a marriage rate of 44 millennials are trailing behind both Gen Xers (53) and baby boomers (61)


This difference across generations shows these young adults are staying single longer which is tied to various socio-economic factors such as career paths living arrangements education goals and financial stability Given that Gen-Xers stayed single longer than baby boomers it can be conjectured that millennials are simply following the overall pattern of social change in society Although these twenty- and thirty-something adults are single in greater numbers forecasted marriage rates in the coming years indicates that by the time they reach age 35 64 of millennials will be married which is only two percentage points below Gen Xers at the same age Overall the gap in marriage rates across generations significantly narrows and flattens for adults over the age of 35

Our analysis shows that delaying marriage or remaining single past the prime marriage age bracket has depressed the generationrsquos homeownership rate Married millennials made up a higher share of homeowners (51 absent of children and 65 with children vs 28 and 29 for singles with and without children) With more millennials pushing age milestones we anticipate the marriage rate to increase and as a result the industry will observe a higher millennial homeownership rate

24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers

Percentage of Married Population Age Trend (23-38)


Millennial

Gen X

Baby Boomers

44

53

61

Percentage of Population Married (Ages 23-38)

11

DEMOGRAPHICS CHILDREN

Another life stage event that often leads to household creation and homeownership is having children The share of millennials with children at 42 trails both Gen Xers (52) and baby boomers (55) when they were 23 to 38 years old This is another indication that millennials have postponed starting families ndash generally the next major life stage event after marriage


The share of millennials with children

42

The annual trend of generational groups during the 23-38 age bracket shows that millennials lag about five years behind Gen Xerrsquos and baby boomers on having children This generational gap narrows the older they become As millennials reach their late 30s the ratio of people with children inches closer to that of prior generations

Our analysis found that having children prompted married millennial couples into homebuying but the homeownership rate for single-parent households with children was below that of single millennials with no children Freddie Macrsquos prior research suggests that aside from other financial challenges faced by single parents including single income constraint childcare costs can be yet another deterrent to homeownership


24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55

Percentage of Population with Children (Ages 23-38)

12

Millennials are the most educated adult generation according to the US Census data from 2019 Forty percent of them hold a bachelorrsquos degree or higher compared with just 29 of Gen Xers and 28 of baby boomers when they were the same age

The more than 10 percentage point jump in higher education for millennials can in part be explained by the timing of the Great Recession in 2007

Millennials are the most educated adult generation according to the US Census data from 2019

Education Employment and IncomeEDUCATION

Older millennials came of age when the recession began in 2007 As unemployment surged many of them struggled to find jobs and decided to attend college or they continued past undergraduate to pursue an advanced degree

This increase in post-secondary schooling is certainly shaping the generationrsquos consumer behavior and life choices As discussed further the investment in higher education put these young adults on a higher-earnings trajectory as they mature into their careers This in turn may lead to greater access to homeownership


MillennialGen XBaby Boomer

5442

Educational Attainment (Ages 23-38)

18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree

Associates Degree amp Some College

High School Or Less

13

While 40 of millennials have at least a bachelorrsquos degree their numbers vary by region The breakout by state and metro area indicates that a higher proportion of millennials with bachelorrsquos or advanced degrees tend to reside in the Northeast or Mid-Atlantic regions

The region with the highest number of college-educated millennials is the Washington DC metro area with 73 having a bachelorrsquos or graduate school degree In part the geographical patterns are driven by the types of jobs in an area and whether the area is an education hub In the case of the Washington DC metro area biotech technology

firms and the federal government are dominant employers and they mostly require workers with college or advanced degrees

Moving north we found that New York and New Jersey attracted a lot of professional talent due to their preponderance of large pharmaceuticals and life sciences financial services and technology sectors Massachusetts (specifically the Boston metro area) includes major industries such as finance high-tech research and development tourism and medicine in addition to being a major college and graduate school hub


EDUCATION AND GEOGRAPHY

AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45

Educational Attainment by State

14

Federal Student Aidgov data on student debt captures age of the consumers in decade segments only a snapshot view of the Federal Student Loan

Portfolio by Borrower Age

bull Forbes Student Loan Debt Statistics In 2020

bull New America Millennials and Student Loans Rising Debts and Disparities

bull US Census-Current Population Survey (CPS) 2019

STUDENT DEBT

1

The rise in student debt compared to other debt (credit cardcar debt) held by consumers has been a hot topic in the media and election campaigns with much debate over proposals of debt forgiveness The debt levels for the young adult population is tied to rising tuition costs and a greater percentage of them having attended college

As of mid-2019 there were 151 million millennials between the ages of 25 to 34 with student debt which amounts to roughly one-third of the millennial population within that age group

The total dollar value of outstanding student loan debt associated with millennials between ages 25-34 equated to $4976 billion which is about 34 of all student debt in the US

This breaks down to some $33000 for each borrower This amount aligns with the overall average student loan debt of $33000 (median $17000) cited in the Federal Reserve publication sourcing the US Department of Education According to the report the average student loan payment stands at $393 per month while the median student loan payment is $222 Another study by JP Morgan Chase found that the typical familyrsquos median student loan payment is 55 of take-home income

The studies noted above suggest that student debt on average though burdensome is manageable

when it comes to payment amounts especially for college graduates with a completed degree According to research conducted by the Federal Reserve Bank of Minneapolis students who earn a degree or certificate have a better chance of landing a well-paying job after graduation which in turn increases the odds they will repay their college loans

In the US 63 of graduates of four-year institutions repay their loans within three years according to College Scorecard data compiled by the Department of Education That percentage was much lower for borrowers who attended college but didnrsquot earn a degree (42)

33 ofMillennials Have

Student Debt

$4976 billionThe total dollar value of outstanding student loan debt associated with millennials between ages 25-34


1

15

Generally people with graduate or professional degrees carry much higher loan balances but they also tend to earn more In 2018 the average yearly income for millennials with graduate and professional degrees was $60000 and $71000 respectively versus $50000 for those with bachelorrsquos degrees As millennials age the income gap between education levels widens supporting the notion that higher education leads to higher earnings

Often student debt is seen as a deterrent to homeownership for millennials Urban Institute research found that a one percent increase in education

loan debt decreases the likelihood of owning a home by 015 percentage points For example if a personrsquos household student debt increases 100 from $50000 to $100000 with all other factors constant the likelihood of owning a home will decrease 15 percentage points

Itrsquos important to realize that given the lack of an alternative to student loans many young Americans would not have been able to receive higher education to reach their career goals and higher earnings without taking out a student loan Student debt might delay homeownership but is unlikely to derail it

If a personrsquos household student debt increases 100 the likelihood of owning a home will decrease 15 percentage points


Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K

Advanced Degree and Bachelors Degree Associates Degree and Some College Highschool or Less

Millennialsrsquo Median Income Across Educational Levels

24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16

MEDIAN HOUSEHOLD INCOME

As we examined the countryrsquos biggest adult generation across various socio-economic factors we looked at its household income levels compared to those of Gen Xers and baby boomers

According to a 2019 CPS survey millennialsrsquo median income surpassed those of prior generations when measured at the same age as todayrsquos millennials Millennialsrsquo average median income last year reached $68000 which is higher than both Gen Xers ($63000) and baby boomers ($53000)

Research shows that the single most important determinant of a personrsquos income is that personrsquos level of education Itrsquos no surprise that as the most educated generation in history millennials would

be earning more than previous generations when measured at the same age

Another important factor driving increased income is that millennial women are working more hours and earning pay more equitable to men than women in prior generations Female income nearly doubled from baby boomers to millennials going from $34000 to $60000 for the same age group However menrsquos income only increased 24 from $60000 to $75000 Although women are earning more than prior generations the pay gap still exists between men and women working in the same field For example a male millennial financial manager earned an average of $118000 compared to his female counterpart who earned $89000

Household income is adjusted for 2018 dollars2


Young adult households are earning more than most older Americans did at the same age Pew Research 2018 3

3

2

Male Female Avg

MillennialGen XBaby Boomers

$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K

Median Income when Aged 23-38 (Adjusted for 2018 Dollars)

17

LABOR FORCE


Top Employment Sectors

Construction Restaurant

Education Healthcare

Gen Z Gen XMillennial

Baby Boomer Silent

36

32

229

Labor Force Participation RateMore than one in three working Americans in 2019 were millennials (36) making them the largest generation in the US labor force according to US Census Bureau data Fifty-nine million were working or looking for work in 2019 surpassing the 53 million Gen Xers and 36 million baby boomers during this same time period

A large share of the millennial generation is still in the relatively early stages of their careers which means their impact on the workforce and the economy will be formidable in future years This is especially true because of their higher-education credentials

Interestingly when it came to the top four employment sectors our research revealed that for workers ages 23-38 they have remained the same since 1970 These sectors include construction the restaurant industry education and healthcare However the number five spot changed from grocery stores for baby boomers to colleges and universities staff for Gen Xers and to technology for millennials This transition certainly makes sense as millennials are known as digital natives

18

Six percent of millennials were self-employed in 2019 according to Census bureau data Their share although slightly below other generations when they were ages 23-38 did not vary significantly in comparison to Gen Xers at 70 or baby boomers at 64

Since 2010 there has been a steady rise in the ldquogig economyrdquo or the non-salaried labor force We define this sector as being made up of people who earn primary or supplemental income from freelance and other independent work arrangements The total number of such independent workers in the nation varies but the most quoted one is a McKinsey Global Institute estimate of 68 million people reflecting a significant double-digit percentage of the civilian labor force of 160 million people This represents a notable increase from 2011 reports of only 16 million people identifying as independent workers

Demographic trends suggest that sharing-economy platforms will

accelerate the pace of change in the way people work The ldquoState of Independencerdquo 2019 report by MBO Partners indicates that millennials make up 38 the gig economy workers compared to 29 of Gen Xers and a third of baby boomers Unquestionably recent COVID-19 developments have put a damper on certain big gig economy sectors such as independent drivers as well as many other service-related segments However as the economy starts to recover the continued growth of the gig economy is inevitable

Industry experts predict multiple scenarios for the workforce of the future including one that isnrsquot dominated by full-time salaried employees Instead the workforce will be one made up primarily of people earning a living from various income as independent contractors The big question is how housing industry participants will prepare for this increasingly likely scenario

Demographic trends suggest that sharing-economy platforms will accelerate the pace of change in the way people work

SELF-EMPLOYMENT AND THE GIG ECONOMY

Baby Boomer

38

29

33

Gig Economy Workers by Generation

Male = 54 Female = 46

2019

Source MBO Partners

MBO defines millennials as ages 19-39

Gen X Millennial

19

In 2019 about four in ten people in the US who migrated from one state to another were millennials According to US Census data nearly 60 of them moved due to job-related reasons and the second biggest reason was to establish a household usually in more affordable locations These figures are not much different from Gen Xers Overall millennials (40) surpassed Gen Xers (38) but lagged behind baby boomers (44) in terms of interstate migration

Interstate migration in the United States has declined noticeably in the past several decades Part of this trend can be explained by the fact that people arenrsquot anchored by their jobs to a specific region as much as they once were given advancement in technology demands for talent resulting in companies being more open to remote employees and opening of regional offices across the country Additionally regions are less specialized ldquoRust Beltrdquo regions are diversifying and becoming finance and IT hubs as well

With a wider range of industry sectors and employment available locally there is less incentive for people to relocate

MIGRATION STATISTICS AND NEW PATTERNS

Employers continue to look to move toward more affordable inland markets to save costs driving many workers to follow the job opportunities This shift could potentially increase job-related migration across states

Furthermore many mortgage industry participants and experts wonder if we might see a spike in migration as a result of the COVID-19 pandemic in particular increased outmigration from more expensive mega-metro areas to less urbanized regions Recent developments suggest that remote work circumstances spawned by pandemic-related lockdowns might have intensified the migration to more affordable areas According to a recent Redfin survey 25 of newly-designated remote workers expect to continue working remotely once shutdowns end and over half of respondents would move to more affordable areas if they could work remotely


Millennial

Gen X

Baby Boomers

40

38

44

Interstate Migration Across Generational Groups (Ages 23-38)

20

Housing market activity is greatly driven by household formation The 2019 US Census population survey found that 46 of millennials were heads of households Their share of total households nationwide has grown increasingly since 2010 as these twenty- and thirty-somethings are aging and progressing into life stages Despite the growth this age group is still trailing compared to where both Gen Xers (49) and baby boomers (48) were when they were in the same age range which is a result of millennials moving into adulthood life-stages at a slower pace Nevertheless the share of millennials becoming heads of households is expected to keep rising as a higher share of this generation approaches age milestones (ie the age of 40)

Household Formation and HomeownershipHOUSEHOLD COUNT

Despite this generationrsquos slight lag in household formation an annual trend of households by generation suggests that millennials will become more aligned with Gen Xers and baby boomers as they move into their mid-30s Their household formation rate could even overtake those of the prior generations given their diversity higher education levels and more households headed by single women earning more equitable pay



24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers

Percentage of Population that is Head of Household (Age Trend 23-38)

Millennial

Gen X

Baby Boomers

46

49

48

Percentage of Population that is Head of Household (Ages 23-38)

21

As todayrsquos millennials are mostly renters their homeownership rate of 43 is understandably well below the national average of 65 as of 2019 Delayed marriage financial challenges of racial and ethnic minorities less financial security and higher debt all contribute to lower homeownership rates for millennials Rising home prices and a record low inventory of affordable housing for sale have also impeded homeownership On the other hand as more millennials reach age 40 their household formation rate will accelerate due to higher marriage rates and more stable incomes As household formation rates increase the generationrsquos homeownership level should ramp up within the next decade

Millennial Homeownership Rate 43

HOMEOWNERSHIP RATE

Historical trends show that millennial homeownership has increased 10 percentage points since 2012 as the older portion of the generation mature into homeownership With the younger portion now coming of age homebuying demand is expected to rise significantly which may create additional ripple effects for all consumers in this already undersupplied market

National Homeownership Rate 65

Millennial Homeownership Rate Trend

2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48

Homeownership Rate (Ages 23-38)


22


The number of millennial homeowners hit 43 in 2019 but their growing share of the market varies substantially by geography At the regional level this generationrsquos homeownership is highest in more affordable states where home prices are below the national average However in states like California and New York that have high-cost metro areas millennials have the lowest homeownership rate at 30

HOMEOWNERSHIP GEOGRAPHIC PRESENCE

Millennial homeownership is highest in more affordable states

AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD

Millennial Homeownership Rate by State

23


The average millennial homeownership rate was 43 in 2019 which was 22 percentage points below the overall national rate The gap among some of the top 20 metropolitan statistical areas (MSAs) is even wider

The gap is most acute in high-cost metros where well-paying jobs are plentiful amid record-low homes available at affordable prices San Diego San Francisco DC and Boston top the list

HOMEOWNERSHIP GAP

The millennial homeownership gap is most acute in high-cost metros

70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A

Millennial Homeownership Rate Overall Homeownership Rate

Millennial versus Overall Homeownership Rate

24

Our analysis of US Census data reveals that the millennial generationrsquos HispanicLatino and African Americanblack homeownership rates (35 and 21 respectively) are substantially below those of the non-Hispanic Whitesrsquo rate of 53

Considering the historical variation in homeownership rates by race and ethnicity combined with the higher share of HispanicLatino and African Americanblack populations within the millennial cohort the result could be a lower overall millennial homeownership rate achieved for this generation

Like most older Americans millennials see homeownership as their primary financial goal with the top motivators being wealth creation and astable place to live and create family memories But

their path to homeownership today is littered with obstacles

How can we best help bridge this gap between millennials and older generations Itrsquos one of the key issues industry participants and experts are trying to solve

While there is no optimal homeownership rate we expect an influx of homebuyers in this generation as they get older advance in their careers reach certain age milestones and pay off student debt But there are fundamental concerns about what is preventing this generation from entering the ranks of homebuyers The ldquoPath to Homeownershiprdquo section below takes a closer look at whatrsquos holding Americarsquos largest generation back

MILLENNIAL RACE ETHNICITY AND HOMEOWNERSHIP

Non-Hispanic Whites

Hispanic

Black

53

35

21

Millennial Homeownership ()


25

A 2019 study by Apartment List found that nearly 90 of millennials want to own a home which underscores how important it is for everyone in the housing industry to help make homeownership possible for them

Homebuying is the largest investment decision most people make and a successful path to the ldquoAmerican Dreamrdquo requires consumers to prove responsible money management and sound financial decision making in order to show lenders theyrsquore good credit risks

In this next section we review the major steps a potential millennial homebuyer needs to take to break into the market We also outline some of the key impediments and potential solutions

Path to Homeownership

Homebuyer Education

DownPayment

Pre-QualifiedPre-Approved

Shopping andBuying a Home

26

The millennial generationrsquos educational success and record of higher average earning compared to previous generations at their age are impressive But the learning curve tied to successfully purchasing an affordable home is steep and typically not included in high school and college curriculaA successful outcome depends partly on understanding the homebuying process along with having a reasonable level of financial literacy

Despite millennials having more college and graduate degrees than older adults only 16 of them could be considered financially literate according to a 2018 study by the TIAA Institute compared to 34 of adults assessed at the same age range in 2009 Moreover only 19 of millennials that assess their own financial knowledge as ldquohighrdquo

or ldquovery highrdquo qualified as financially literate The same report also found that fintech usage (mobile apps) when coupled with financial illiteracy creates a greater tendency for poor money management suggesting that usage of fintech tools is not a substitute for financial education

Millennials today have more choices more tools more debt and more serious consequences from the financial decisions they make While we look for ways to expand homeownership opportunities to a larger share of millennials improvement in home borrower education is imperative Most millennials ages 24-29 are not confident in their knowledge of various aspects of the homebuying process according to a Freddie Mac survey

FINANCIAL LITERACY

Source Freddie Mac

The overall mortgageprocess

The types of loansavailable

The overall homebuying process

Interest rates How to avoidforeclosure

65

28

63

45

60

39

54

3949

25

Gen ZAges 18-23 n=823

MillennialAges 24-29 n=297 renters

How confident do you feel in your knowledge of the following Not at all confidentNot very confident

Only 16 of millennials could be considered financially literate

27

Lacking the preparation and the necessary money management skills for maintaining homeownership can lead to negative results including mortgage foreclosures lower credit rating and potential tax consequences Lenders and other housing professionals can help advance financial education opportunities for potential homeowners with a comprehensive financial education curriculum available through Freddie Mac and other resources

According to Freddie Mac many prospective homebuyers find saving for a down payment to be the biggest challenge they have to overcome Although a 20 down payment on a home is a longstanding benchmark many millennials have a skewed notion of the minimum down payment requirements to buy a home

Nearly 42 of millennials in 2019 were under the assumption that they are required to put a 20 down payment on a home or they were unsure of how much is required according to our survey

In reality the median down payment as of 2019 was 12 for all home buyers 6 for first-time home buyers (FTHBs) and 16 for repeat buyers According to American Housing Survey in 2019 47 of millennial FTHBs put down between zero and 5 on a home while 15 put down between 6 and 10

Despite the misconceptions about the amount required for a down payment todayrsquos millennials are leveraging multiple avenues to fund down payments including savings funds from family as well as moving in with family to build up their savings

A 2019 survey by Apartment List found that nearly half of millennial renters who say they want to buy a home actually have no savings set aside for a down payment But there are other ways to raise down payment cash aside from savings including nonprofits or agency assistance gifts inheritance etc When it comes to housing assistance there are over 2500 nationwide programs that provide grants and loans to make homeownership more attainable

DOWN PAYMENTS

Source American Housing Survey (AHS) 2019

Down payment assistance programs are a great option for millennials struggling to come up with down payment cash Agency programs that allow for a qualified mortgage with as low as 3 down combined with homebuyer assistance programs can be a winning combination for many millennials aspiring to become homeowners

While a down payment is usually their biggest concern many potential borrowers forget about other associated costs Closing costs can add up to 2-5 of the purchase price Itrsquos imperative that millennial homebuyers are aware of these costs as they save for homeownership

15

22

15

47

2019 FTHB Millennial Down Payment Distribution

0-5 11-206-10 20+

28

MILLENNIALS AND LOAN PRE-QUALIFICATION

Not all prospective homebuyers fully understand the mortgage process or how much money theyrsquod be qualified to borrow In fact Freddie Macrsquos research found that only 9 of renters looking to purchase a home in the next two years start the homebuying process by getting pre-qualified and only 12 take steps to get pre-approvedGetting pre-qualified is one of the most important steps borrowers can take to find out how much home they can afford

As a general rule consumers should spend no more than 28 of their pre-tax income on a mortgage payment Itrsquos also important for a millennial consumer to understand the role credit mortgage rates and home-related costs play in determining what they can afford

From an affordability perspective the cost barrier to enter the housing market is higher for millennials today than it was for prior generations Millennials are discouraged by this which is understandable given home prices have grown four times faster than household income making the transition from renting to owning even more difficult for so many of the young adults in their 20s and 30s

As noted above in addition to income and expenses a personrsquos credit score determines their eligibility for a mortgage This is yet another deterrent to millennials buying homes because credit remains tight by historical standards

An analysis of the 2019 Home Mortgage Disclosure Act data (HMDA) revealed that nearly 60 of all the millennial mortgage application denials were driven by high debt-to-income ratios and low FICO scores Student debt is certainly driving the millennial debt upward However the student debt barrier can often be overcome with appropriate guidance and education including credit improvementboost programs

Only 9 of renters looking to purchase a home in the next two years start the homebuying process by getting pre-qualified

29

The Digital Experience

While millennials are putting their own distinctive stamp on shopping for a home they still want to be able to call on an expert with questions Essentially theyrsquore looking for a hybrid experience mdash one that combines the convenience and depth of information found on the internet with an expert to answer questions and give guidance

The 2020 National Association of REALTORSreg (NAR) Homebuyer amp Seller Generational Trends report shows that 93 of older millennials used the internet to search for homes (versus all buyers at 84) and 78 of older millennials found their home through a mobile app

Freddie Mac research shows that 56 of millennials prefer an in-person homebuying experience significantly less than Gen Xers (69) and baby boomers (70)

Millennials are relying more on their families for financial support than was the case with prior generations

According to a Pew Research Center report millennials live with their parents longer than both baby boomers and Generation X did before they formed their own households

Freddie Macrsquos own research revealed that the share of young adult borrowers with a parent co-borrower has increased since the 1990s

A survey from loanDepot said 77 of millennial and Gen Z respondents are looking to their parents to be co-signers on their first mortgages or to help with down payment and closing costs

According to Deloittersquos Infocus study millennials believe relying on family or friends as part of their financial decision making is substantially easier than depending on other sources

SHOPPING FOR A HOME Family Support

30

HOUSING SUPPLY

NARrsquos Homebuyer and Seller Generational Trends in 2020 discusses how todayrsquos affordable housing supply shortage is hurting millennials more than previous generations in several ways

Difficulty finding a home For 63 of younger millennials and 60 of older millennials the most difficult step in the homebuying process was finding the right property notably higher than the 55 for the overall population

Because of the housing supply shortage specifically for the starter homes which cater more toward first-time homebuyers (who in large numbers are millennials) the market is becoming more competitive As a result it takes longer for buyers to find the right home which many millennials find frustrating and discouraging

Buying older properties The median age of homes purchased by younger millennials was 41 years and 34 years for older millennials while the median age of homes purchased by older buyers ranged from 19 to 31 years In most cases buying an older home comes with the added cost of renovationFreddie Macrsquos CHOICERenovationreg mortgage allows borrowers looking for convenience and cost savings

to finance their home purchase and renovation costs in a single-closing transaction

Choosing suburbs 53 of older millennials chose to purchase in the suburbs versus 50 for the overall population As the supply of affordable housing dries up in urban sectors more millennial homebuyers are migrating to the suburbs where housing is less expensive

But long commutes can drive up homeowner costs as noted in the latest Freddie Macrsquos eBook Key Opportunities for Building the Future of Home

Given the recent developments of employers becoming more accepting telework options the commuting costs may become less of a deterrent when consumers are looking to move to the suburbs

ldquoHousing availability is limited and new construction slowed in recent years In fact the supply of unsold homes is at the lowest level in four decadesrdquo

Sam Khater Vice President and Chief Economist

Freddie Mac

Tracking the Economy in Real-Time 2020

31

So far this playbook has focused on millennials as a homogenous group But as with any generational group a span of 15 years of age means yoursquoll encounter differences in consumer needs and priorities as people grow older their opinions shift and they experience new life-stage events Further consumer segmentation helps to address the diverse needs of individual clusters of millennial customers and may improve audience targeting for lending institutions

Consumer segmentation in financial services including the mortgage industry means building different messaging around client demographic characteristics such as age raceethnicity income and education levels Adding psychographics into the mix may help to further diversify consumers based on their activities interests and opinions

To see how this can be valuable consider the fact that two individuals who are similar in age and income donrsquot necessarily share similar values habits and interests

CONSUMER SEGMENTATION

These differences explain the layers that drive consumption needs as well as the disparate choices made by this generation For instance a Harris Poll survey found that getting a dog drove the decision to buy a home with a third of respondents interviewed Another survey done by Realtorcom reported that some 80 of pet-owning homebuyers who closed on a property said they would pass up an otherwise perfect home if it didnrsquot meet the needs of their pets

For customer-focused lending institutions building a successful strategy that attracts millennial customers requires peeling back the layers of demographic and psychographic insights and creating buyer personas that can then be leveraged in marketing and advertising plans within their target markets

Lending institutions and real estate professionalsrsquo marketing efforts will be far more effective and customer-centered with a strong consumer segmentation strategy in place

Market Segmentation

Millennial Consumer Segments Buyer Personas

Mature Affluent Family

with Kids (30+)

Mature Non-Affluent

Socialite Singles (30+)

Newly Independent

Young Singles (24-30)

Young

Family (24-30)

Based on Freddie Mac consumer personas research

32

Millennial impact on the housing market continues to grow since they first made up the largest share of homebuyers in 2013 according to 2019 NARrsquos Home Buyers and Sellers Generational Trends report The report also found that 97 of buyers aged 38 and younger financed their homes compared to 88 of all buyers

As this massive age demographic transitions into life stages itrsquos driving a surge in overall homebuying demand Millennialsrsquo share of primary home purchase loans has been gradually increasing over the past decade In 2019 they accounted for nearly half of purchase mortgages (47) bought by Freddie Mac and based on our analysis of 2019 HMDA data similar shares were delivered to Fannie Mae

And according to Home Mortgage Disclosure Act (HMDA) data young adults are leaning more on government sponsored mortgages with wider credit boxes and lower down payment requirements and less on conventional loans For instance in 2019 66 of mortgages issued to millennials were conventional loans as opposed to 71 of conventional loans issued to other age groups

Millennials first made up the largest share of homebuyers in 2013

Source Freddie Mac Acquisition Data

PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942

Percent of Purchase Mortgages Issued to Millennial Buyers Acquired by Freddie Mac

33

Freddie Macrsquos 2019 acquisition data showed that millennials comprise an increasingly larger share of first-time homebuyers (FTHBs) at 63 The housing industry is certainly feeling the impact of millennials stepping into the space which is why itrsquos increasingly important to understand the characteristics of this consumer segment

According to Freddie Mac data the median age of a FTHB is 33 years old and they earn $89000 in median income Based on NAR analysis of millennial FTHBs over half of them are married dual-income couples followed by unmarried couples single females and single males

As more qualified millennial FTHBs enter the market mdash earning higher incomes than the generation before them mdash lenders would be well-advised to help them overcome misconceptions expand their financial literacy and understand their options

Our hypothesis is the share of millennial FTHBs will increase even more as a result of the COVID-19 pandemic as many renters whorsquove been postponing homeownership seek the security and stability of homeownership

FIRST-TIME HOMEBUYER SNAPSHOT


Millennial Share of First-Time Homebuyers

2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA

While this blockbuster generation accounted for 47 of all mortgages bought nationwide by Freddie Mac in 2019 the concentration of loans purchased varied by region and state Most millennial mortgages were purchased in states with more affordably priced home prices as compared to a national average

While the states with the highest share of mortgages issued to millennial buyers were North Dakota Utah Minnesota Illinois as well as Pennsylvania the largest count of mortgages came from Texas California and Florida

MILLENNIAL MORTGAGES BY REGION AND STATE

The millennial homeownership gap is most acute in high-cost metros areas

AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123

Share of Mortgages Issued to Millennial Buyers by State

35

The study findings revealed the two largest generations are now competing for similarly valued properties Freddie Mac data show that in 2019 millennials for the first time surpassed baby boomers in terms of median purchase price of homes ($283000 versus $280000) There are several hypotheses that might explain the recent trend

While all generations continue to purchase increasingly more expensive homes the steepest

climb of the median purchase price occurred with the millennial generation

The median price of a primary home purchased by millennials rose by 8 over the past year to a high of $28300 whereas the rest of the generational groupsrsquo median purchase price grew only by 4

Although the gaps between prices of homes bought by millennials and older generations have narrowed the average loan amount borrowed by millennials outpaced the amounts borrowed by Gen Xers and baby boomers

Lower down payments made by first-time millennial homebuyers explain this divergence According to Freddie Mac data the down payment baby boomers paid in 2019 was nearly double than of millennials (29 versus 16) As a result of increasing home prices and lower down payments millennials will accumulate higher mortgage debt than any other generation before them


MILLENNIALS AND HOME VALUES

A higher share of millennials tend to reside in more expensive urban areas

Limited starter-home inventory could be causing millennials to rent longer so that when they buy their first home they skip starter homes and buy larger more expensive first homes than prior generations

Baby boomers are downsizing and buying less expensive and smaller homes

MillennialGen XBaby Boomers Silent

2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K

Median Home Purchase Price

36

SIZING THE MARKET OPPORTUNITY

Source HMDA 2019

The Most Active Millennial Homebuying Markets

Houston Chicago

Atlanta Phoenix

The most active millennial homebuying markets in 2019 were Houston Chicago Atlanta Phoenix and Washington DC Texas was by far the leader with five metropolitan areas making it to the Top 20 MSA list

Out of the top 20 MSA markets millennial homeowners gained share in 18 of them from a year ago

Top 20 Millennial MSAs(Count of mortgages issued to millennials)

Houston TXChicago ILAtlanta GA

Phoenix AZWashington DC

Minneapolis MNDallas TX

New York NYDenver CO

Los Angeles CASeattle WA

Charlotte NCRiverside CASt Louis MO

Austin TXTampa FLWarren MI

Baltimore MDSan Antonio TX

Fort Worth TX

MSA Name Millennial Loan Count (in 1000s)

291283279

233232

216213

192188

159152

143140135135135132130

115113

37

Takeaways and SolutionsThe research tells us that the millennial generation is not homogenous and falls into many distinct population subsegments experiencing different life stages

While the oldest millennials are now approaching 40 mdash raising families buying homes and establishing their careers ndash the younger millennials are just starting down that path Despite being a diverse tech-savvy better-educated higher-earning generation itrsquos struggling to reach the ldquoAmerican Dreamrdquo more than any prior generation There are formidable issues depressing millennial homeownership rates

1 CHANGING DEMOGRAPHICS DRIVING A GAP IN HOMEOWNERSHIP

Along with the higher population numbers this generation brings a higher-than-ever degree of racial and ethnic diversity The higher share of minorities within this demographic is likely to lead to a reduced homeownership rate for this group How can we as an industry help to bridge the homeownership gap

Herersquos how Freddie Mac is solving for the problem

Potential industry options to explore include the followingbull Increase outreach programsbull Provide more targeted financial education programsbull Increase awareness and better customize down payment assistance programsbull Design new products with different repayment options

Freddie Mac is establishing new programs to specifically address African American housing financial capabilities and mortgage solutions for communities of color We are prioritizing innovations that support our Equity in Housing mission and continue to search for opportunities to ensure that the industryrsquos underwriting and valuation approaches are equitable

Freddie Mac offers resources in additional languages to bridge the homeownership gap for all groups

Freddie Mac is developing plans to further expand partnerships with organizations that lead the way to bring greater equality in housing

38

2 WEAKER FINANCIAL LITERACY

Lower financial literacy is more common with millennials even though more online resources are available This raises the question of why these educational offerings havenrsquot improved millennialsrsquo financial literacy Creating partnerships across the housing industryrsquos ecosystem to strengthen the financial literacy of these young adults is imperative Poor money management skills can lead to excessive risk-taking which weakens credit and savings just as this age group should be stepping into homeownership


Potential industry options to explore include the followingbull Create effective financial education apps aimed at tech-savvy millennials Greater investment in

education is necessary bull Future potential homebuyers might benefit from increased outreach of housing professionals through

class offerings in high schools colleges and places of work bull Lenders and real estate agents should be connecting borrowers with housing counselors who can

provide guidance and serve as trusted advisors

Freddie Mac CreditSmartreg suite of financial and homeownership education offers a variety of resources in English and Spanish to educate homeowners and help housing professionals guide consumers

Freddie Mac is partnering across the housing ecosystem to help connect borrowers with valuable resources like our Borrower Help Center network and Housing Counselor Resource Center

3 THE GIG ECONOMY IS HERE TO STAY

Millennials embrace the gig economy and as a result are shifting the dynamics of the labor market In response to this shift industry and policy changes are necessary to simplify and streamline access to the creditmortgage origination process for non-payroll workers


Potential industry options to explore include the followingbull Expanded view of acceptable income streamsbull Creation of new innovative products serving this portion of population

Loan Product Advisorreg Asset and Income Modeler (AIM) for self-employed helps to reduce underwriting times

Wersquore actively pursuing projects that will expand policies to include gig income to be treated as regular income to expand credit to gig economy workers

39

4 DOWN PAYMENT SAVINGS

Nearly half of millennial renters who say they want to buy a home have no savings set aside While alternative down payment options exist the fact remains that the share of millennials with savings accounts is alarmingly low Even with the current economic downturn the housing industry needs to find ways to encourage saving and make sure millennials understand all the down payment options available to them


Potential industry options to explore include the followingbull There are a wide range of areas to explore from digital wallet tools and down payment savings

accounts with special interest rates to matching deposits up to a certain amountbull Lenders need to better educate potential borrowers on ways to raise down payment funds aside from

savings

The Freddie Mac Home Possible mortgage and the Freddie Mac HomeOneSM offer low down payment programs

5 AFFORDABLE HOUSING SHORTAGES HIT MILLENNIALS THE HARDEST

The shortage of affordable housing has hurt millennials more than any other segment of homebuyers Freddie Mac estimates there are more than 400000 ldquomissingrdquo households headed by 25- to 34-year-olds (households that would have formed except for higher housing costs) A limited supply of land a shortage of skilled labor and increasing material costs are all contributing to higher prices and rents Freddie Mac estimates that to meet housing demand the US housing market needs to supply more than 16 million units per year Pivoting to more affordable construction to ease the supply problem is the best way for Americarsquos biggest generation to enter the market at prices they can afford


Potential industry options to explore include the followingbull To bridge the gap between the current housing supply and expected millennial demand housing

construction will need to accelerate and offer more affordable optionsbull Local governments should consider relaxing excessive regulations and restrictive zoning policies

Freddie Mac offers loan options that promote renovations and energy efficiency improvements like GreenCHOICEreg and CHOICEHomereg mortgages and CHOICERenovationreg financing for fixing older homes and potentially widening the availability of affordable homes

Freddie Mac offers manufactured housing choices

40

Data Sources and Methods

This playbook leverages data from several sources The Current Population Survey (CPS) The American Community Survey (ACS) Home Mortgage Disclosure Act (HMDA) data reporting and Freddie Mac Acquisitions data CPS is a monthly survey of about 60000 US households conducted by the United States Census Bureau ACS is an annual survey by the US Census Bureau sent to approximately 35 million addresses HMDA is a federal law that requires certain financial institutions to provide mortgage data to the public and it covers approximately 85-90 of the mortgage market Freddie Mac loan-level acquisition data includes all mortgages securitized by the entity Additionally this playbook examines data from the New York Federal Reserve bank American Housing Survey Freddie Mac and third-party surveys

Data Advantages and Limitations

While both US Census Bureau surveys produce socioeconomic and demographic estimates for the US there are key differences between them The ACS sample consists of around 35 million housing units but is only updated annually The CPS sample size is about 60000 housing units but is updated monthly Therefore the ACS has a larger sample size but the CPS is timelier Most of this playbook uses CPS data to provide timely demographic and housing characteristic estimates

Due to certain data inconsistencies this playbook mainly focuses on three generations millennials baby boomers and Gen Xers and excludes the Silent generation

We found the Census Bureau and other federal agencies often publish data in 10-year age brackets and as a result many studies approximate millennials in the static age bracket of 25-34 One of the main data limitations to this study is the 10-year bracket we leveraged in our analysis of student debt share or market mortgage originations does not encompass all millennials (23-38 in 2019) and therefore direct comparisons to other publications are not always possible

METHODOLOGY

To learn moreVisit sffreddiemaccom

Yana Davidovich Director of Market Research and InsightsCecilia Herrick Reynolds Market Research AnalystNing Kang Senior Data ScientistKT Thomas Senior Director of Marketing Analytics Market Research and Insights

Prepared by the Freddie Mac Single Family Marketing Analytics Market Research and Insights Department

The authors would like to thank

Riham El-Lakany Jaeyeon Choi Sam Khater Venkataramana Yanamandra Emmanuel Tsikoudakis and Carissa Hampton for their contribution to the study

Table of Contents

Introduction and Key Findings 3

Population and Demographics 5

Education Employment and Income 12

Household Formation and Homeownership 20

Path to Homeownership 25

Market Segmentation 31

Mortgage Activity 32

Takeaways and Solutions 37

Methodology 40

3








Introduction

Silent1928-1945


Gen X1965-1980

Millennial1981-1996

Gen Z1997-2012

Ages 74-91

Ages 55-73

Ages 39-54

Ages 23-38

Ages 7-22


664M

712M

644M

71M

236M

51

49

50

50

49

51

48

52 43

57



4










5











664M

712M

644M

71M

236M

51

49

50

50

49

51

48

52 43

57


6







AZ21

UT25

NV22

CA24

NM22

OR22

WA23

WY22

ID22

MT22

ND24

SD21

NE22

CO21 KS

21

OK21

TX23

MN22

IA21

MO21

AR21

LA22

WI22

MI21

IL20

IN22

KY21

TN21

MS21

AL21

GA23

FL20

SC21

NC23

VA24

OH21

WV20

RI 23

DE 20

NJ 19

DC 36

PA20

NY23

ME16

NH19

VT21

MA 24

CT 21

MD 23





7







609915200000030000004000000ge 5000000

of Millennials

Miami FL

Tampa FL

Atlanta GA

Washington DC


Boston MA

Detroit MI

Chicago IL

St Louis MO

Dallas TX

Houston TX

Denver CO

Phoenix AZ

Seattle WA

San Francisco CA


San Diego CA

Minneapolis MN


8






75

25

79

21

81

19

89

11


Ethnicity



74

15

75

15

78

13

82

11

Race


65

8 7 5


9







12

13

30

45



Married No Children



35-3831-3427-3023-26

80

20

62

38

45

55

38

62


178M186M

175M 173M

Married Single


10






24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers



Millennial

Gen X

Baby Boomers

44

53

61


11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






3








Introduction

Silent1928-1945


Gen X1965-1980

Millennial1981-1996

Gen Z1997-2012

Ages 74-91

Ages 55-73

Ages 39-54

Ages 23-38

Ages 7-22


664M

712M

644M

71M

236M

51

49

50

50

49

51

48

52 43

57



4










5











664M

712M

644M

71M

236M

51

49

50

50

49

51

48

52 43

57


6







AZ21

UT25

NV22

CA24

NM22

OR22

WA23

WY22

ID22

MT22

ND24

SD21

NE22

CO21 KS

21

OK21

TX23

MN22

IA21

MO21

AR21

LA22

WI22

MI21

IL20

IN22

KY21

TN21

MS21

AL21

GA23

FL20

SC21

NC23

VA24

OH21

WV20

RI 23

DE 20

NJ 19

DC 36

PA20

NY23

ME16

NH19

VT21

MA 24

CT 21

MD 23





7







609915200000030000004000000ge 5000000

of Millennials

Miami FL

Tampa FL

Atlanta GA

Washington DC


Boston MA

Detroit MI

Chicago IL

St Louis MO

Dallas TX

Houston TX

Denver CO

Phoenix AZ

Seattle WA

San Francisco CA


San Diego CA

Minneapolis MN


8






75

25

79

21

81

19

89

11


Ethnicity



74

15

75

15

78

13

82

11

Race


65

8 7 5


9







12

13

30

45



Married No Children



35-3831-3427-3023-26

80

20

62

38

45

55

38

62


178M186M

175M 173M

Married Single


10






24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers



Millennial

Gen X

Baby Boomers

44

53

61


11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






4










5











664M

712M

644M

71M

236M

51

49

50

50

49

51

48

52 43

57


6







AZ21

UT25

NV22

CA24

NM22

OR22

WA23

WY22

ID22

MT22

ND24

SD21

NE22

CO21 KS

21

OK21

TX23

MN22

IA21

MO21

AR21

LA22

WI22

MI21

IL20

IN22

KY21

TN21

MS21

AL21

GA23

FL20

SC21

NC23

VA24

OH21

WV20

RI 23

DE 20

NJ 19

DC 36

PA20

NY23

ME16

NH19

VT21

MA 24

CT 21

MD 23





7







609915200000030000004000000ge 5000000

of Millennials

Miami FL

Tampa FL

Atlanta GA

Washington DC


Boston MA

Detroit MI

Chicago IL

St Louis MO

Dallas TX

Houston TX

Denver CO

Phoenix AZ

Seattle WA

San Francisco CA


San Diego CA

Minneapolis MN


8






75

25

79

21

81

19

89

11


Ethnicity



74

15

75

15

78

13

82

11

Race


65

8 7 5


9







12

13

30

45



Married No Children



35-3831-3427-3023-26

80

20

62

38

45

55

38

62


178M186M

175M 173M

Married Single


10






24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers



Millennial

Gen X

Baby Boomers

44

53

61


11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






5











664M

712M

644M

71M

236M

51

49

50

50

49

51

48

52 43

57


6







AZ21

UT25

NV22

CA24

NM22

OR22

WA23

WY22

ID22

MT22

ND24

SD21

NE22

CO21 KS

21

OK21

TX23

MN22

IA21

MO21

AR21

LA22

WI22

MI21

IL20

IN22

KY21

TN21

MS21

AL21

GA23

FL20

SC21

NC23

VA24

OH21

WV20

RI 23

DE 20

NJ 19

DC 36

PA20

NY23

ME16

NH19

VT21

MA 24

CT 21

MD 23





7







609915200000030000004000000ge 5000000

of Millennials

Miami FL

Tampa FL

Atlanta GA

Washington DC


Boston MA

Detroit MI

Chicago IL

St Louis MO

Dallas TX

Houston TX

Denver CO

Phoenix AZ

Seattle WA

San Francisco CA


San Diego CA

Minneapolis MN


8






75

25

79

21

81

19

89

11


Ethnicity



74

15

75

15

78

13

82

11

Race


65

8 7 5


9







12

13

30

45



Married No Children



35-3831-3427-3023-26

80

20

62

38

45

55

38

62


178M186M

175M 173M

Married Single


10






24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers



Millennial

Gen X

Baby Boomers

44

53

61


11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






6







AZ21

UT25

NV22

CA24

NM22

OR22

WA23

WY22

ID22

MT22

ND24

SD21

NE22

CO21 KS

21

OK21

TX23

MN22

IA21

MO21

AR21

LA22

WI22

MI21

IL20

IN22

KY21

TN21

MS21

AL21

GA23

FL20

SC21

NC23

VA24

OH21

WV20

RI 23

DE 20

NJ 19

DC 36

PA20

NY23

ME16

NH19

VT21

MA 24

CT 21

MD 23





7







609915200000030000004000000ge 5000000

of Millennials

Miami FL

Tampa FL

Atlanta GA

Washington DC


Boston MA

Detroit MI

Chicago IL

St Louis MO

Dallas TX

Houston TX

Denver CO

Phoenix AZ

Seattle WA

San Francisco CA


San Diego CA

Minneapolis MN


8






75

25

79

21

81

19

89

11


Ethnicity



74

15

75

15

78

13

82

11

Race


65

8 7 5


9







12

13

30

45



Married No Children



35-3831-3427-3023-26

80

20

62

38

45

55

38

62


178M186M

175M 173M

Married Single


10






24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers



Millennial

Gen X

Baby Boomers

44

53

61


11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






7







609915200000030000004000000ge 5000000

of Millennials

Miami FL

Tampa FL

Atlanta GA

Washington DC


Boston MA

Detroit MI

Chicago IL

St Louis MO

Dallas TX

Houston TX

Denver CO

Phoenix AZ

Seattle WA

San Francisco CA


San Diego CA

Minneapolis MN


8






75

25

79

21

81

19

89

11


Ethnicity



74

15

75

15

78

13

82

11

Race


65

8 7 5


9







12

13

30

45



Married No Children



35-3831-3427-3023-26

80

20

62

38

45

55

38

62


178M186M

175M 173M

Married Single


10






24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers



Millennial

Gen X

Baby Boomers

44

53

61


11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






8






75

25

79

21

81

19

89

11


Ethnicity



74

15

75

15

78

13

82

11

Race


65

8 7 5


9







12

13

30

45



Married No Children



35-3831-3427-3023-26

80

20

62

38

45

55

38

62


178M186M

175M 173M

Married Single


10






24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers



Millennial

Gen X

Baby Boomers

44

53

61


11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






9







12

13

30

45



Married No Children



35-3831-3427-3023-26

80

20

62

38

45

55

38

62


178M186M

175M 173M

Married Single


10






24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers



Millennial

Gen X

Baby Boomers

44

53

61


11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






10






24 26 28 30 32 34 36 38

13

21

34

736664

MillennialGen X

Baby Boomers



Millennial

Gen X

Baby Boomers

44

53

61


11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






11





42




24 26 28 30 32 34 36 38

13

2425

736767

MillennialGen X

Baby Boomers

Millennial

Gen X

Baby Boomers

42

52

55


12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






12









5442


18

8

2220

28

33

28

127

28

Advanced Degree

Bachelors Degree


High School Or Less

13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






13







AZ34

UT34

NV28

CA40

NM21

OR37

WA43

WY23

ID26

MT34

ND37

SD38

NE41

CO43 KS

40

OK27

TX34

MN46

IA36

MO41

AR28

LA29

WI39

MI41

IL45

IN29

KY31

TN37

MS24

AL35

GA33

FL34

SC35

NC36

VA49

OH40

WV29

DE 38

NJ 58

DC 73

PA44

NY48

ME37

NH46

VT52

MA 57

CT 49

MD 45


14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






14






STUDENT DEBT

1









Student Debt



1

15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






15







Age

23 25 26 29 30 31 32 38

$15K

$18K

$30K

$72K

$45K

$25K



24 27 28 33 34 35 36 370K

20K

40K

60K

Med

ian

Inco

me

80K

16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






16










3

2

Male Female Avg


$68K $70K$75K

$38K

$56K$60K

$53K

$63K$68K


17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






17

LABOR FORCE






Baby Boomer Silent

36

32

229




18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






18








Baby Boomer

38

29

33



2019

Source MBO Partners


Gen X Millennial

19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






19








Millennial

Gen X

Baby Boomers

40

38

44


20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






20






24 26 28 30 32 34 36 3829

3137

555552

MillennialGen X

Baby Boomers


Millennial

Gen X

Baby Boomers

46

49

48


21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






21



HOMEOWNERSHIP RATE




2009 2010 2011 2012 2013 2014 2017 2018

33 3334

43

41

39

2015 2016 2019

34

36 36 3637


Millennial

Gen X

Baby Boomers

43

51

48



22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






22





AZ43

UT59

NV48

CA30

NM46

OR44

WA43

WY52

ID47

MT47

ND50

SD58

NE47

CO43 KS

54

OK57

TX39

MN56

IA53

MO51

AR49

LA43

WI41

MI55

IL47

IN53

KY53

TN50

MS57

AL47

GA41

FL43

SC55

NC39

VA43

OH53

WV

RI 47

DE

NJ

DC 23

PA50

NY30

ME55

NH57

VT50

MA

CT

MD


23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






23




HOMEOWNERSHIP GAP


70 7268

65 65 65 65 6559

6260 60 60

63

5048

54 56

54

54

51

47

45

43

43

41

41

40

38

38

37

31

30

26

25

22

Min

neap

olis

MN

Tam

pa F

L

Detr

oit

MI

Phila

delp

hia

PA

Chic

ago

IL

Phoe

nix

AZ

Mia

mi

FL

Seat

tle W

A

Rive

rsid

e C

A

Hou

ston

TX

Was

hing

ton

DC

Atla

nta

GA

Dalla

s T

X

Bost

on M

A

New

Yor

k N

Y

Los

Ang

eles

CA

San

Fran

cisc

o C

A

San

Dieg

o C

A



24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






24








Non-Hispanic Whites

Hispanic

Black

53

35

21



25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






25





Homebuyer Education

DownPayment



26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






26





FINANCIAL LITERACY

Source Freddie Mac





65

28

63

45

60

39

54

3949

25





27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






27







DOWN PAYMENTS




15

22

15

47


0-5 11-206-10 20+

28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






28








29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






29











30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






30

HOUSING SUPPLY











Freddie Mac


31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






31








Market Segmentation



with Kids (30+)

Mature Non-Affluent


Newly Independent


Young

Family (24-30)


32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






32






PURCHASE MORTGAGES

Mortgage Activity

2009 2010 2011 2012 2013 2014 2017 2018

141 147132

47246845

2015 2016 2019

226

30235

37942


33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






33








2010 2011 2012 2013 2014 2017 20182015 2016

2326

40

4954

5861

63 64

34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






34

Source 2019 HMDA





AZ38

UT56

NV35

CA45

NM37

OR44

WA48

WY46

ID45

MT45

ND57

SD49

NE52

CO49 KS

53

OK47

TX47

MN54

IA52

MO51

AR45

LA50

WI39

MI51

IL53

IN49

KY47

TN45

MS42

AL45

GA43

FL35

SC40

NC44

VA47

OH51

WV46

DE 36

NJ 50PA

53

NY52

ME47

NH49

VT48

MA 53

CT 49

MD 50

RI 49

7123


35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






35













2009 2010 2011 2012 2013 2014 2017 20182015 2016 2019$150K

$200K

$250K

$300K

Med

ian

Hom

e Pr

ice

$283K

$250K

$201K

$180K

$259K

$280K$283K

$325K


36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






36


Source HMDA 2019


Houston Chicago

Atlanta Phoenix












Fort Worth TX


291283279

233232

216213

192188

159152

143140135135135132130

115113

37










38
















39






savings









40







METHODOLOGY






37










38
















39






savings









40







METHODOLOGY






38
















39






savings









40







METHODOLOGY






39






savings









40







METHODOLOGY






40







METHODOLOGY






Deconstructing a Generation: Millennials

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